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Over his career Fischer helped to shape modern economic theory
as an academic, trained many future policymakers and put his
ideas into practice in a series of jobs culminating in roles at
the center of the response to the 2008 global financial crisis.
Fischer, who was born in Zambia, served as governor of the Bank
of Israel from 2005 to 2013 before joining the Fed, where he was
vice chair for 3-1/2 years until October 2017.
New York-based BlackRock, which manages about $6 trillion in
assets, said Fischer would be a senior adviser within the
BlackRock Investment Institute, an arm of the company that
serves as a think tank on investment strategy, according to the
memo co-signed by Chief Executive Larry Fink and confirmed by a
company spokeswoman.
The memo said Fischer will add to the company's research,
support its investment teams and speak with clients on markets,
economics and central bank policy.
During his time at the Fed, as memories of the financial crisis
faded, monetary policymakers continued to wrestle with how to
undo their historic stimulus efforts at that time without
sending the economy into another tailspin.
As some of his colleagues began wondering about a permanent
downshift in global inflation and interest rates, Fischer
maintained an underlying faith in the macroeconomic models -
which he helped refine - that showed falling unemployment
ultimately raising inflation and requiring higher interest rates
in response.
Prior to his role as a monetary policymaker, Fischer was chief
economist at the World Bank, and first deputy managing director
at the International Monetary Fund during the Asian financial
crisis. He was also a vice chairman at Citigroup Inc from 2002
to 2005.
(Reporting by Trevor Hunnicutt; Editing by Christopher Cushing)
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